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D102 Financial Accounting Final OA Review Module 8 (solved).
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D102 Financial Accounting Final OA Review Module 8 (solved).
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D102 FinancialAccounting Final
OA Review
Module 8
(solved)
First, the supporting documentation is lost or
ignored so that the transaction is not
recorded at all.
Second, the amount entered into the journal
entry is incorrect
Third, the accounts involved in the journal
entry are incorrectly identified.
Errors can be introduced into the journal
entries under several circumstances. What
are 3 examples?
Net income is overstated
, If an expense is improperly recorded as an
asset, what impact does this have on the
income statement?
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Incorrect totals for individual expense
accounts
What is the impact of posting the correct
amount to the wrong expense account?
Management
A company's _________ bears the responsibility
for establishing and maintaining the internal
control structure in the company.
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